S$3b money laundering case: Ten luxury apartments to be auctioned on Sep 23

Ten luxury Singapore apartments associated with a S$3 billion money laundering investigation will be auctioned on September 23, 2023, according to prosecutors. The properties, located in River Valley and Tanjong Pagar, have estimated guide prices ranging from S$2.238 million to S$6.78 million. The auction, conducted by real estate agency SRI, will take place at its Great World City office at 2.30pm.

Among the 10 forfeited properties, four are found in Wallich Residence, a part of Guoco Tower with direct access to Tanjong Pagar MRT Station. The remaining six are situated in Martin Modern, also in River Valley. The auctioned apartments range from 2- to 4-bedroom units, with sizes between 764 sqft to 1,733 sqft and prices starting from $2,874 to $6.78 per square foot.

The remaining properties will be offered through an expression of interest process managed by List International Realty. The money laundering case was uncovered after island-wide raids in August 2023 that revealed illicit gambling earnings in Southeast Asia. The 10 suspects, all originally from China, have been convicted and deported following their sentences.